How can the power dynamics within Independent Regulatory Agencies be described?

The power dynamics within Independent Regulatory Agencies can be described as being subject to capture by specific industries. This phenomenon, often referred to as "regulatory capture," occurs when these agencies, which are established to oversee and regulate industries, end up being influenced by the very industries they are supposed to regulate. This can happen when individuals from the industry take positions within the agencies, or when the policies and practices of the agencies align more closely with industry interests rather than public welfare.

Independent Regulatory Agencies are designed to operate with a degree of autonomy from the executive branch of government to insulate them from political pressures; however, this independence can lead to less accountability to the public. As a result, instead of serving the broader interests of society, they may prioritize the preferences of the captured industries, which can undermine their effectiveness in regulation and create conflicts of interest. This dynamic highlights the complexity and challenges of ensuring that these agencies fulfill their intended roles while maintaining independence from industry influence.